Adknowledge, which has 300 employees worldwide, is a Kansas City-based online advertising and marketing tech company. It employs about 130 people in the Kansas City area.

In 2006, Technology Crossover bought $48 million in Adknowledge shares, the petition states. A spokeswoman for the Palo Alto, Calif., venture capital firm, which boasts $7.7 billion in capital raised, declined an interview.

The transaction gave Technology Crossover the chance to name two people to Adknowledge’s board. In December 2009, board members allegedly butted heads with Lynn about his growth and investment strategy. The directors wanted to pursue an initial public offering in the near-term; Lynn wanted an IPO after selling some of his ownership to private investors, Suppes alleged.

The disagreement elevated to litigation brought by Technology Crossover when Lynn attempted to assert control of the board and add a member, according to court documents. On Nov. 16, 2010, the parties settled, with the investment firm giving up its board seats and stock, and Adknowledge allegedly paying $24 million to Technology Crossover.

They reportedly agreed to treat the proceeds as a return of capital so Technology Crossover wouldn’t be taxed. Days later, Lynn allegedly struck equity deals with investors amounting to $101 million based on Adknowledge having a value of $550 million.

Suppes claims that Lynn then directed an executive to destroy financial outlook spreadsheets that had been previously prepared to highlight possible financial risks to Technology Crossover so they couldn’t be presented to future investors and relied on in determining the value of Adknowledge’s share price.

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